Coquest

Your Daily Energy Report for February 14, 2025

Posted on 2025-02-14

Crude Oil

Crude Oil futures for March settled down -$.55 or -.771% at $70.74. Oil prices fell slightly on Friday. President Donald Trump initiated negotiations following indications from Putin and Zelenskiy of a potential resolution to the conflict. The prospect of easing sanctions on Moscow raised concerns about increased global energy supplies, although the International Energy Agency suggested that Russian oil exports could continue through alternative routes. In the meantime, the postponement of reciprocal US tariffs contributed to oil price stability, bolstered by growing investor optimism surrounding potential trade deals. US Treasury Secretary Scott Bessent also hinted at potential economic pressures on Iran, adding to market uncertainties. Despite recent fluctuations, global oil demand has climbed to 103.4 million barrels per day, driven by heightened consumption of both transportation and heating fuels, according to insights from JP Morgan analysts.
 

Natural Gas

Natural Gas futures for March settled up $.097 or 2.674% at $3.725. Natural gas prices pushed higher today, driven largely by colder-than-anticipated weather forecasts. The latest 15-day U.S. weather model predicts a sharp temperature drop, reinforcing projections of increased heating demand. The most recent EIA report showed a 100 Bcf withdrawal for the week ending February 7, landing at the upper range of market expectations. This brought total gas storage to 2,297 Bcf, positioning it 248 Bcf below the same period last year and 67 Bcf under the five-year average of 2,364 Bcf. Brief declines in gas prices occurred on expectations of resumed Russian supply to Europe, though long-term uncertainty remains. Meanwhile, discussions within the European Union continue regarding potential temporary caps on regional gas prices.

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